Chap 2 Quiz Flashcards
Select two from the following to display the Chart of Accounts (COA): (Check all that apply)
Check All That Apply
- From the Navigation Bar, select Accounting
- From the Navigation Bar, select Customers > Chart of Accounts
- From the Create (+) icon, select Chart of Accounts
- From the Gear icon, select Chart of Accounts
- From the Navigation Bar, select Accounting
- From the Gear icon, select Chart of Accounts
In QBO, the Chart of Accounts displays which of the following two? (Check all that apply)
Check All That Apply
- QuickBooks Balance
- Bank Balance
- All account transactions
- None of these choices are correct.
- QuickBooks Balance
- Bank Balance
-
The Chart of Accounts displays:
Multiple Choice
- Account Name
- Type
- Detail Type
- All of these choices are correct.
All of these choices are correct.
Why would a company want to use account numbers on its Chart of Accounts?
Multiple Choice
- To be able to check the current account balance quickly
- To uniquely identify each account on the Chart of Accounts
- To confuse users of the Chart of Accounts
- None of these choices are correct.
To uniquely identify each account on the Chart of Accounts
To display account numbers on the Chart of Accounts in QBO:
Multiple Choice
- From the Navigation Bar, select Transactions > Chart of Accounts > Enable Account numbers > Show account numbers
- From the Create (+) icon, select Other > Chart of Accounts > Account Numbers
- From the Gear icon, select Chart of Accounts > Account Numbers
- From the Gear icon, select Account and Settings > Advanced > Enable account numbers > Show account numbers
From the Gear icon, select Account and Settings > Advanced > Enable account numbers > Show account numbers
Registers in QBO:
Multiple Choice
- Display more detailed information about accounts
- Display all transactions for the account
- Display a running balance for the account
- All of these choices are correct.
All of these choices are correct.
To view a register:
Multiple Choice
- Display the Chart of Accounts, then select View Register
- From the Navigation Bar, select Register
- From the Gear icon, select Register
- From the Create (+) icon, select Register
Display the Chart of Accounts, then select View Register
Match the following legal entities with the federal tax return the entity files.
a. Partnership
b. C corporation
c. S corporation
d. Sole proprietorship
a. Partnership - Form 1065
b. C corporation - Form 1120
c. S corporation - Form 1120S
d. Sole proprietorship - Form 1040 Schedule C
To edit an account in the Chart of Accounts:
Multiple Choice
- Display the Chart of Accounts, then select Edit
- Display the Chart of Accounts, then select Run Report drop-down arrow, select Edit
- From Create (+) icon, select Chart of Accounts, select Edit
- None of these choices are correct.
Display the Chart of Accounts, then select Run Report drop-down arrow, select Edit
To inactivate an account in the Chart of Accounts:
Multiple Choice
- Display the Chart of Accounts, then select Delete
- Display the Chart of Accounts, then select Run Report drop-down arrow, select Make Inactive
- From Create (+) icon, select Chart of Accounts, select Delete
- None of these choices are correct.
Display the Chart of Accounts, then select Run Report drop-down arrow, select Make Inactive
An example of an asset account is:
Multiple Choice
- Mortgage Payable
- Sales Taxes Payable
- Equipment
- None of these choices are correct.
Equipment
Income accounts for a company are used to track:
Multiple Choice
- Sales to customers and other revenue earned
- Costs that have expired or been consumed
- Cost of items sold to customers
- Purchases from vendors
Sales to customers and other revenue earned
What are assets?
Multiple Choice
- Net worth of a company
- Amounts paid to owners
- Resources that a company owns with future benefit
- Amounts owed to others and are future obligations
Resources that a company owns with future benefit
Accounts used for only one year are called:
Multiple Choice
- Temporary accounts
- Short-term assets or liabilities
- Supply accounts
- Estimate accounts
Temporary accounts
